BidaskClub upgraded shares of Selective Insurance Group (NASDAQ:SIGI) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.
Other analysts have also issued research reports about the company. Credit Suisse Group began coverage on Selective Insurance Group in a research note on Tuesday, August 7th. They issued an underperform rating and a $54.00 target price on the stock. ValuEngine raised Selective Insurance Group from a hold rating to a buy rating in a research report on Friday, August 3rd. Zacks Investment Research raised Selective Insurance Group from a hold rating to a buy rating and set a $66.00 price target on the stock in a research report on Wednesday, June 13th. Finally, Boenning Scattergood reissued a hold rating on shares of Selective Insurance Group in a research report on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $60.40.
SIGI stock traded up $0.21 during midday trading on Tuesday, reaching $58.49. The company’s stock had a trading volume of 450,944 shares, compared to its average volume of 171,956. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.26. Selective Insurance Group has a 1 year low of $53.55 and a 1 year high of $65.93. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 1.11 and a beta of 1.26.
Selective Insurance Group (NASDAQ:SIGI) last released its earnings results on Wednesday, August 1st. The insurance provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.13. Selective Insurance Group had a return on equity of 10.69% and a net margin of 6.10%. The business had revenue of $651.90 million for the quarter, compared to analyst estimates of $650.57 million. During the same quarter last year, the firm posted $0.68 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. Research analysts expect that Selective Insurance Group will post 3.53 EPS for the current year.
In other news, Director Terrence W. Cavanaugh purchased 1,000 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were acquired at an average price of $61.47 per share, with a total value of $61,470.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael J. Morrissey sold 1,575 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $63.72, for a total value of $100,359.00. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of SIGI. BlackRock Inc. boosted its position in Selective Insurance Group by 7.0% during the second quarter. BlackRock Inc. now owns 8,150,673 shares of the insurance provider’s stock valued at $448,288,000 after purchasing an additional 533,866 shares in the last quarter. Bank of Montreal Can bought a new stake in Selective Insurance Group during the second quarter valued at about $4,471,000. Northern Trust Corp boosted its position in Selective Insurance Group by 5.1% during the second quarter. Northern Trust Corp now owns 1,414,324 shares of the insurance provider’s stock valued at $77,788,000 after purchasing an additional 68,680 shares in the last quarter. Macquarie Group Ltd. boosted its position in Selective Insurance Group by 2.2% during the second quarter. Macquarie Group Ltd. now owns 2,838,451 shares of the insurance provider’s stock valued at $156,115,000 after purchasing an additional 60,210 shares in the last quarter. Finally, Systematic Financial Management LP boosted its position in Selective Insurance Group by 13.4% during the second quarter. Systematic Financial Management LP now owns 510,905 shares of the insurance provider’s stock valued at $28,100,000 after purchasing an additional 60,208 shares in the last quarter. 78.39% of the stock is currently owned by institutional investors.
Selective Insurance Group Company Profile
Selective Insurance Group, Inc, together with its subsidiaries, provides insurance products and services in the United States. It operates in four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus (E&S) Lines, and Investments. The company's products and services include property insurance, which covers the financial consequences of accidental loss of an insured's real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured's negligent acts, omissions, or legal liabilities.
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